Yahoo announced disappointing ad revenue growth for automotive and financial services today, kicking its stock in the groin.
This comes as Yahoo also announces a big and expensive marketing push: Dunkin’ Donuts for all.
I’ll say it again: Yahoo is the last old-media company. It is dependent on the same dynamics — good and bad — as other media companies: the high value but difficulties of direct sales to agencies; the cost of acquiring users; the vulnerability to larger market trends; the high cost of owning content.
Google, on the other hand, just rides atop the waves, wherever they go. So far, at least, it does not tie itself to the old models of owning (or licensing) content or getting value only out of bringing people to its site.
The successful media companies of the new age will be the ones that enable media wherever it wants to be.